A new online platform, developed in Guernsey, is aiming to
make the 'know your client' (KYC) process quicker, easier
and more cost effective.
Register lets users create a complete KYC profile and share it
securely with those who need it, eliminating the need for multiple
paper forms that all ask for similar information in slightly
Backed by leading fund administrator, Ipes, The ID
Register has been developed in response to the changing regulatory
requirements for KYC. The UK Financial Conduct Authority (FCA) has stated
that 'in order to enable effective competition and promote
innovation, it is important that technologies that help firms
better manage regulatory requirements and reduce compliance costs
Financial Services Commission and its Jersey
counterpart have recently updated their guidance to encourage
firms to improve the cost effectiveness of client due diligence
(CDD) through the adoption of technology.
Ipes Director Tim Andrews said: "Financial organisations
currently face a number of common problems around customer due
diligence. It is currently a manual, paper based process, there is
often poor visibility of what evidence is held and where there are
gaps. Sharing sensitive documents by email is not secure and
requesting the same information time and time again from the same
people creates hassle and annoyance.
"The ID Register solves these problems, as well as ensuring
compliance with differing regulatory requirements in different
jurisdictions. Digital KYC is the future."
Each KYC profile on The ID Register can also be used to ensure
compliance with the US Foreign Account Tax Compliance Act (FATCA)
and Common Reporting Standard (CRS) legislation. This eliminates
the need for further FATCA self-certifications and drives efficient
reporting straight from The ID Register data.
KPMG in the Channel Islands has been working with The ID
Register to ensure that each profile remains compliant with
Tony Mancini, Tax Partner at KPMG, said: "The ID Register
is able to combine data with multi-jurisdictional reporting
functionality for FATCA and CRS, delivering an efficient, cost
effective package that will report the right information, at the
right time, to the right jurisdictions."
The ID Register users include leading European fund managers
Stepstone, Gilde and TDR Capital.
Stepstone Partner Jason Ment said: "The ID Register is
nothing short of a revolution for the investor on boarding process
in the private funds market. The investor on boarding process has
become more complicated and protracted in response to regulatory
change. This frustrates investors and sponsors alike. The ID
Register is a straightforward solution that seems obvious the
moment you hear it - the investor completes a profile covering
everything one time, and one time only. The profile is kept up to
date. The investor shares the profile with each investee fund.
No repetition. No wasted time."
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).